SouthState Co. (NASDAQ:SSB) Receives Consensus Recommendation of “Buy” from Analysts

SouthState Co. (NASDAQ:SSB) has earned a consensus rating of “Buy” from the eleven research firms that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $116.45.

SSB has been the topic of a number of analyst reports. Keefe, Bruyette & Woods lowered their target price on SouthState from $130.00 to $120.00 and set an “outperform” rating on the stock in a report on Tuesday, May 6th. Jefferies Financial Group initiated coverage on SouthState in a report on Wednesday, May 21st. They set a “buy” rating and a $110.00 target price on the stock. Truist Financial initiated coverage on SouthState in a report on Tuesday, May 13th. They set a “buy” rating and a $106.00 target price on the stock. Raymond James Financial set a $110.00 price objective on SouthState in a report on Monday, April 28th. Finally, Stephens restated an “overweight” rating and set a $119.00 price objective on shares of SouthState in a report on Monday, April 28th.

Institutional Investors Weigh In On SouthState

Several institutional investors and hedge funds have recently added to or reduced their stakes in SSB. Cambridge Investment Research Advisors Inc. raised its position in SouthState by 153.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 10,229 shares of the bank’s stock valued at $949,000 after purchasing an additional 6,196 shares during the period. The Manufacturers Life Insurance Company raised its position in SouthState by 5.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 773,843 shares of the bank’s stock valued at $76,982,000 after purchasing an additional 42,041 shares during the period. GAMMA Investing LLC raised its position in SouthState by 68.1% in the first quarter. GAMMA Investing LLC now owns 1,172 shares of the bank’s stock valued at $109,000 after purchasing an additional 475 shares during the period. Allspring Global Investments Holdings LLC raised its position in SouthState by 5.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,093,176 shares of the bank’s stock valued at $100,856,000 after purchasing an additional 51,933 shares during the period. Finally, State of Alaska Department of Revenue raised its position in SouthState by 32.1% in the first quarter. State of Alaska Department of Revenue now owns 11,492 shares of the bank’s stock valued at $1,066,000 after purchasing an additional 2,790 shares during the period. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Stock Performance

SSB opened at $94.45 on Wednesday. The stock has a market cap of $9.59 billion, a P/E ratio of 13.57 and a beta of 0.77. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91. The stock’s 50 day simple moving average is $90.60 and its 200 day simple moving average is $93.35. SouthState has a 1-year low of $77.74 and a 1-year high of $114.27.

SouthState Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 16th. Shareholders of record on Friday, May 9th were paid a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.16 annualized dividend and a yield of 2.29%. SouthState’s dividend payout ratio is presently 34.12%.

SouthState Company Profile

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It offers checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits, as well as bond accounting, asset/liability consulting related activities, and other clearing and corporate checking account services.